PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
54
21. TWO-STEP LOANS continued
As of September 30, 2008, the Company has used all facilities under the two-step loans program and the drawdown period for the two-step loans has expired.
The Company is required to maintain financial ratios as follows:
a. Projected net revenue to projected debt service ratio should exceed 1.5:1 and 1.2:1 for the two-step loans originating from the World Bank and Asian Development Bank “ADB”,
respectively. b. Internal financing earnings before depreciation and interest expense should exceed 50 and
20 compared to annual average capital expenditures for loans originating from World Bank and ADB, respectively.
As of September 30, 2008, the Company complied with the above mentioned ratios. Refer to Note 44 for details of related party transactions.
22. NOTES AND BONDS 2007
Bonds Principal
- Bond issuance costs
-
Net -
Medium-term Notes Principal
-
Debt issuance costs
-
Net
-
Total -
Current maturities Note 20a -
Long-term portion -
a. Bonds On July 16, 2002, the Company issued a five-year bonds amounting to Rp.1,000,000 million, at
par value. The bonds bore interest at a fixed rate of 17 per annum, payable quarterly beginning October 16, 2002 and secured with all assets owned by the Company. The bonds are traded on
the Surabaya Stock Exchange and matured on July 16, 2007. The trustee of the bonds is BRI effective from January 17, 2006 replacing BNI and the custodian is PT Kustodian Sentral Efek
Indonesia.
Under the provisions of the bond, the Company is required to comply with all covenants or restrictions including maintaining certain consolidated financial ratios. The Company was also
restricted from making any loans to or for the benefit of any person which in aggregate exceed Rp.500,000 million, in which the Company was not able to comply with in 2006. However, the
Company has obtained a written waiver from BRI, the trustee of the bonds. The bonds were fully repaid on July 16, 2007.
PERUSAHAAN PERSEROAN PERSERO P.T. TELEKOMUNIKASI INDONESIA Tbk AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS UNAUDITED continued SEPTEMBER 30, 2007 AND 2008,
AND NINE MONTHS PERIOD ENDED SEPTEMBER 30, 2007 AND 2008 Figures in tables are presented in millions of Rupiah, unless otherwise stated
55
22. NOTES AND BONDS continued
b. Medium-term Notes the “Notes” On December 13, 2004, the Company entered into an agreement with PT ABN AMRO Asia
Securities Indonesia, PT Bahana Securities, PT BNI Securities and PT Mandiri Sekuritas collectively referred as “Initial Purchasers” to issue Notes for a total principal amount of
Rp.1,125,000 million. Proceeds from issuance of the Notes were used to finance the payment of the remaining balance of the borrowings assumed in connection with the TII acquisition
amounting to US123.0 million.
The Notes consist of four Series with the following maturities and interest rates:
Series Principal
Maturity Interest rate
A 290,000
June 15, 2005 7.70
B 225,000 December 15, 2005
7.95 C
145,000 June 15, 2006
8.20 D
465,000 June 15, 2007
9.40
Total 1,125,000
Interest on the Notes is payable semi-annually beginning June 15, 2005 through June 15, 2007. The Notes were unsecured and at all times ranked pari passu with other unsecured debts of the
Company. The Company may, at any time, before the maturity dates of the Notes, repurchase the Notes in whole or in part.
On June 15, 2005, December 15, 2005, June 15, 2006 and June 15, 2007, the Company repaid the Series A, Series B, Series C, and series D Notes, respectively.
23. BANK LOANS
The details of long-term bank loans as of September 30, 2007 and 2008 are as follows:
2007 2008
2008 Outstanding
Outstanding Original
Original Total facility currency
Rupiah currency
Rupiah Lenders
Currency in millions in millions equivalent in millions equivalent
The Export-Import Bank of Korea US
124 94.1
860,610 71
665,560 Bank Mandiri
Rp. 2,400,000
- 1,270,000
- 1,210,000
BCA Rp.
2,423,000 -
950,000 -
1,450,000 Citibank
US 113
27.4 250,687
4 37,970
Euro 73
14.6 189,840
- -
Rp. 1,000,000
- 300,000
- 600,000
BNI Rp.
3,550,000 -
680,000 -
2,960,000 Bank Lippo
Rp. 18,500
- 12,881
- 5,520
Bank Niaga Rp.
39,300 -
24,140 -
28,064 Bank Bukopin
Rp. 5,300
- 3,486
- 2,409
BRI Rp.
3,400,000 -
400,000 -
3,240,000 Bank Ekonomi
Rp. 60,000
- -
- 54,362
Bank Syndication Rp.
2,400,000 -
- -
1,000,000 Total
4,941,644 11,253,885
Current maturities of bank loans Note 20a
2,549,849 4,814,589
Long-term portion Note 20b 2,391,795
6,439,296
Refer to Note 44 for details of related party transactions.
